search query: @author Cormier, D. / total: 10
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| Author: | Cormier, D. Magnam, M. Morard, B. |
| Title: | The impact of corporate pollution on market valuation: some empirical evidence |
| Journal: | Ecological Economics
1993 : NO. 3. p. 135-155 |
| Index terms: | POLLUTION COMPANIES VALUATION ACCOUNTING |
| Language: | eng |
| Abstract: | The paper investigates the relation between the market valuation of publicly-listed corporations and their social performance, as measured by their pollution record relative to environmental regulations. Two significant innovations are introduced in this study. First, using governmental data, a pollution index is computed for each sample firm. Second, the relevance of social information for investors' purposes is directly assessed by looking at the relation between the pollution index and a firm's market valuation, within the accounting identity framework. Results suggest that a firm's pollution performance is interpreted by market participants as providing information about its environmental liabilities. |
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